Cope­lyn goes for gold

Finweek English Edition - - COMPANIES&MARKETS - MARC HASENFUSS marc.hasenfuss@finweek.co.za

EM­POW­ER­MENT GROUP Hosken Con­sol­i­dated In­vest­ments (HCI) re­ally came from nowhere a few years ago to be­come one of the big­gest forces in South Africa’s gam­ing sec­tor. HCI has emerged (along with brew­ing gi­ant SAB­Miller) as the ma­jor share­hold­ers in the new-look Tsogo Sun group, which will soon list as the big­gest gam­ing com­pany in south­ern Africa.

Tsogo’s gam­ing as­sets – which in­clude the cash-spin­ning Sun­Coast casino in KwaZulu-Na­tal – will soon be re­versed into the Gold Reef Re­sorts (GRR) list­ing to make a com­pelling mix of casino op­er­a­tions that span al­most ev­ery cor­ner of SA.

With that in mind, it’s then prob­a­bly not that sur­pris­ing HCI CEO Johnny Cope­lyn (does any­one still re­mem­ber this man as a union heavy­weight?) spent around R2,4m pick­ing up GRR stock. It would seem to us that Cope­lyn may well be in­di­cat­ing to the mar­ket that GRR is pretty good value at 1418c – a price that, af­ter all, is a lot less than some of the bids made for this gam­ing com­pany over re­cent years.

Other sig­nif­i­cant bouts of buy­ing last week in­cluded direc­tors in a trio of turn­around con­tenders: lo­gis­tics gi­ant Su­per Group, build­ing sup­plies group Dis­tri­bu­tion and Ware­hous­ing Net­work (DAWN) and tech­nol­ogy con­glom­er­ate Jasco.

And what would a week be with­out a cameo from prop­erty mag­nate Des de Beer – by now a reg­u­lar par­tic­i­pant in our direc­tors’ deal­ings ta­ble – hav­ing a tilt at one of his many prop­erty in­ter­ests. De Beer, who clearly has deep pock­ets or a very un­der­stand­ing bank man­ager, also spent R750 000 on shares in Cap­i­tal Prop­erty Fund.

JOHNNY COPE­LYN For­mer union heavy­weight

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